Daily Gold Update

Source: MarketWatch

New York— Gold futures rose Thursday, as a weakening dollar raised the metal's investment appeal and as dismal jobs data in the U.S. increased safe-haven buying. The dollar extended its losses against a basket of other major currencies after the Labor Department reported the number of people collecting benefits in the week ended Dec. 27 rose to the highest level in more than 26 years. "It's expected that external factors will continue to be the main driver for gold," wrote economists at Action Economics. "Safe haven buying could feature on dips, with foreign exchange market volatility and geopolitical risk making gold a safer alternative investment."

Gold for February delivery was last up $18.30, or 2.2%, at $860 an ounce on the Comex division of the New York Mercantile Exchange. It fell in the previous session to close near $840 an ounce. The number of people collecting benefits in the week ended Dec. 27 rose 101,000 to 4.61 million — the highest level since November 1982, the Labor Department reported Thursday. The four-week average of continuing claims rose 45,000 to 4.47 million — the highest level since December 1982. See full story.